NAB's $11.6bn AXA Apac bid raises concern

Australia's competition watchdog raised concerns yesterday over National Australia Bank's (NAB) $11.6 billion (Dh42.6bn) bid for fund manager AXA Asia Pacific, tipping the scales towards rival bidder AMP.

NAB, already the country's largest manager of retail funds, is bidding against wealth manager AMP, the number three, in a lengthy takeover battle for AXA Asia Pacific, which is controlled by French insurer AXA.

NAB's offer currently trumps AMP, whose bid values AXA Asia Pacific at $11.4bn, but the watchdog could yet block the bank's ambition to dominate wealth management, seen among the fastest-growing areas of financial services.

Winning AXA AP would put NAB on track to be the country's top player in banking, insurance and wealth.

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